Market watch: Bourse follows global peers again

Easing in Pak-US tensions also helped the market to gain 266 points.


Express September 28, 2011

KARACHI: The local bourse duly followed global markets again on Tuesday to recover from the massive fall witnessed the preceding day.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged 2.36 per cent or 266.21 points to end at 11,534.24 point level. The index plummeted 2.95 per cent, in line with global markets, on Monday.

Slight ease in tensions between Pakistan and the US coupled with strong rebound in global commodity and equity markets did the trick for the index, said Topline Securities equity dealer Samar Iqbal.

Global stocks rose as hopes that European leaders will commit more cash to bail out debt-laden nations in Europe revived risk appetite and reduced demand for safe-haven assets. MSCI’s all-country world equity index, a benchmark for global shares, gained 0.7% after spending much of the session under water.

Renewed buying interest was seen across the board with focus on the fertiliser, oil and banking sector. Engro jumped 5% to its upper limit of the day; Pakistan Oilfields gained 2%, while MCB Bank closed above 4%.

Foreign institutional investors were active during the day as they were gross buyers of Rs130 million and gross sellers of Rs128  million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.

Trade volumes fell slightly to 71.5 million shares compared with the preceding day’s tally of 79 million shares.

Shares of 353 companies were traded during the session. At the end of the day, 202 stocks closed higher, 55 declined and 96 remained unchanged. The value of shares traded during the day was Rs2.8 billion.

Fauji Fertiliser Bin Qasim was the volume leader with 8.49 million shares gaining Rs2.37 to finish at Rs56.96. It was followed by Jahangir Siddiqui and Company with 5.95 million shares firming Rs0.28 to close at Rs5.71 and Dewan Salman with 5.75 million shares increasing Rs0.31 to close at Rs2.11.

Published in The Express Tribune, September 28th,  2011.

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